Human resources: 'paid time off' area seen ripe for savings.
Author | Marshall, Jeffrey |
Position | BusinessBRIEFS - Brief Article |
Despite all the time put in by management, employees and consultants, a significant gap may exist in many companies' internal controls: control over employee time off, otherwise know as paid time off (PTO).
PTO, of course, is an important benefit provided to employees for planned vacation and illness and can be critical to maintaining productivity and employee morale. But a lack of adequate checks and balances can cost companies 2 to 3 percent of their total operating costs, according to some estimates. A report published by the Applications Marketing Group last year found that employee time off in knowledge-centric industries could amount to as much as 8 to 15 percent of total operating costs. Another estimate puts the cost of poor PTO policies at U.S. businesses at around $70 billion a year.
"Paid time off often represents a significant balance sheet item, although it probably hasn't received as much attention as other parts of a company's financial statements," says Peter Bergman, a corporate and securities lawyer with...
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